You are here: Home » Companies » News
Business Standard

Tata to put Rs 1,200 crore in houses for the old

BS Reporter 

Aiming to capture 25 per cent share in the senior living segment, Tata Housing plans to invest Rs 1,200 crore by 2018 for setting up 13 such projects across the country. Tata Housing, a subsidiary of Tata Sons, has already launched its first project, Riva Residences, in Bangalore and will now expand in the national capital region (NCR), Ahmedabad, Chennai, Mumbai, Kolkata and Pune. “Homes for senior citizens will be a very good and viable market for real estate developers,” Tata Housing Managing Director and Chief Executive Officer Brotin Banerjee said on Monday. There are 98 million people over 55 with a steady growth of 3.5 per cent per annum. According to the United Nations data, India would have 118 million people over the age of 60 years by 2017. Banerjee said the company received good response for its first senior living project in Bangalore. The Riva Residences brand will be part of ongoing as well as future townships. About 1,500-2,000 units of retirement homes will come up in the 13 projects.

The market size of retirement homes is expected to be pegged at Rs 4,000 crore by 2018. The company has tied up with Apollo Tele Health for offering medical services. Also, Tata Capital, Central Bank and Axis bank have been roped in for providing loans to potential customers. People aged 55-70 can avail of loans from these banks. For these loans, co-borrowers weren't required, Banerjee added.

After venturing into Maldives, the company is exploring other markets, too. It has entered into an agreement with the Sri Lankan government for building a residential project in that country.

Banerjee said through the last six years, Tata Housing had grown at a compounded annual rate of 75-80 per cent.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, March 04 2014. 00:45 IST